Gold - March 4, 2021 - Mr. Tapan Patel - Senior Analyst (Commodities), HDFC Securities

Gold prices traded firm with COMEX spot gold prices were trading near $1718 per ounce on Thursday. Gold April future contract at MCX were trading down at Rs. 44810 per 10 grams by noon session.

Gold prices have kept lower trading range on stronger dollar and rise in US treasury yields. The vaccine rollouts has boosted risk on sentiments lowering safe haven demand for precious metals. The traders may await for comments from US FED chairman later tonight.

We expect gold prices to trade sideways to down for the day with COMEX spot gold support lies at $1700 and resistance at $1740. MCX Gold April support lies at Rs. 44600 and resistance lies at Rs. 45200.

Source : Equity Bulls

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